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401(k) Best Practices Model 

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Our Pledge...

  • Monitor investment options and provide analytical reports to the Investment Committee
  • Recommend changes to the plan’s investment options when needed
  • Frequently monitor participant-directed activity and provide necessary education
  • Oversee distribution of enrollment materials and confirm required notices are provided to eligible participants
  • Prepare a customized Investment Policy Statement for the plan and update it on an annual basis
  • Analyze the plan’s target date of lifestyle funds for prudent fiduciary protection
  • Benchmark the plan against the industry peer group every 3 years and consider alternative providers if warranted
  • Review plan documents annually to ensure suitability and recommend changes if warranted
  • Provide and implement an Education Policy for the plan
  • Consistently interface with the Plan Sponsor’s investment provider and advocate for them on all operational levels
  • Automatically enroll participants at a deferral of 6% of salary (While more than half of 401(k) plans auto enroll participants, only 16% of 403(b)s do.), the PSCA survey found
  • Automatically escalate deferrals each year up to 10% of salary
  • Do a re-enrollment to sweep in all employees not participating or not participating at a 6% deferral rate
  • Choose an appropriate qualified default investment alternative for the plan
  • Stretch the match to get employees to save more
  • Streamline the plan’s investment lineup and monitor them regularly


We Can Help

If you'd like a complimentary 401(k) audit, please fill out the contact form below. We look forward to speaking with you.

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DISCLAIMER: Advisory Services offered through Prosperity Financial Group, Inc., an Independent Registered Investment Advisor. Securities offered through Fortune Financial Services, Inc. Member FINRA/SIPC. Prosperity Financial Group, Inc. and Fortune Financial Services, Inc. are separate entities.


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